Have US domestic rebar prices hit bottom?

Wednesday, 23 January 2019 22:00:07 (GMT+3)   |   San Diego
       

Although US domestic rebar prices shot up almost a year ago after Section 232 tariffs were announced, spot prices slowly drifted downward in the second half of 2018, and prices are now around the same range as in January 2018. Sources tell SteelOrbis they are “glad” prices have settled downward, but some sources are not convinced that prices have finished dropping. At the very least, sources expect mills will be amenable to deals on a customer-by-customer basis.

Early predictions for US domestic scrap prices in February point to a likely sideways to slightly down trend, which could also provide rebar buyers with negotiating leverage. But even if winter weather results in supply constraints, alleviating the reported overhang in domestic scrap inventories, any potential uptick in scrap prices is unlikely to reflect in US rebar prices.

For now, US domestic rebar spot prices are stable in the range of $35.00-$38.00 cwt. ($700-$760/nt or $772-$838/mt) ex-mill.

 


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